Thursday, February 18, 2010

Obama's Faith-Based Economics

The idea that government spending creates jobs makes sense only if you never ask where the government got the money. It didn’t fall from the sky. The only way Congress can inject spending into the economy is by first taxing or borrowing it out of the economy. No new demand is created; it’s a zero-sum transfer of existing demand.

And therefore the confiscation and transfer of wealth, straight-up and to the extent that it will indenture future generations to the government treasury. Just as Alinsky envisioned it.